Madbouly calls for resumption of development programme between Egypt and World Bank

Ahram Online , Tuesday 6 Sep 2022

Prime Minister Mostafa Madbouly said on Tuesday it is important to resume the development program between Egypt and the World Bank in the nearest possible time, especially in light of the current economic global crisis, the Egyptian cabinet announced.

PM
Prime Minister Mostafa Madbouly, Minister of International Cooperation Rania Al-Mashat and several officials during the meeting with The World Bank delegation on Tuesday 6 September, 2022. Photo courtesy of Egyptian Cabinet Facebook page.

 

In a meeting with a delegation from the World Bank Group on Tuesday in Cairo attended by Minister of International Cooperation Rania Al-Mashat, the Egyptian PM praised the current size and diversity of the cooperation between Egypt and the World Bank, as their cooperation portfolio has reached over $5 billion, which funds vital projects for Egypt’s development.

Madbouly also lauded the important strategic partnership between Egypt and the World Bank and how it creates new job opportunities in the private sector, develops human resources, enhances governance and regional integration and empowers women at all levels.

The World Bank delegation is in Cairo to participate in the second edition of the Egypt-International Cooperation Forum (Egypt-ICF) 2022 and the Meeting of the African Ministers of Finance and Environment.

Held under the auspices of President Abdel-Fattah El-Sisi, the forum, which will be held in the New Administrative Capital (NAC) from 7-9 to September, will host a Meeting of the African Ministers of Finance and Environment with the aim of formulating a unified African vision on climate financing and climate change adaptation programs as well as national actions needed for the green transition ahead of the COP27, according to the Ministry of International Cooperation.

Minister Al-Mashat, who attended the meeting, spoke about Egypt’s National Nexus of Water, Food, and Energy (NWFE) programme development projects, which contribute to achieving the Sustainable Developments Goals (SDGs) as well as facing the impacts of climate change.

The NWFE is a national scheme meant to implement the nationally determined contributions (NDCs), a document Egypt recently submitted detailing its commitments to emission targets by 2030.

In July, Egypt launched the NWFE programme within the framework of its National Climate Change Strategy 2050, with a view to attracting foreign investments to Egypt’s green transformation plan.

The programme seeks to mobilise concessional development finance for a package of priority green development projects in the food, water and energy sectors. The programme aims to achieve sustainable, low-emission development and enhance scientific research and technology transfers in the climate change field.

Al-Mashat also asserted in the meeting the interest of the Egyptian state to empower the private sector in the framework of implementing the State Ownership Policy Document.

For their part, the members of the delegation asserted the World Bank Group’s interest in supporting the development plans of the Egyptian government.

They stressed that the different aspects of cooperation with Egypt will witness growth thanks to the momentum resulting from Egypt’s hosting of the climate conference and its interest in the climate change adaption projects, as Egypt has made good progress in renewable energy and other green transition projects. 

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